If someone told you that an inventory management software could be a solution to all your inventory-related woes, losses, costs and everything related, wouldn’t you be interested?
If we were in your place, we would definitely be.
Our message is especially for operations managers and operations specialists – an inventory management software can, not only help you maintain optimum levels or inventory, fulfill orders on time, prevent pilferage, and more, but it can also be what you need to scale your operations and sell on different channels.
While omnichannel may sound like a scary term, the best inventory management software can help you forget that you have an inventory to look after and help you sleep peacefully knowing that everything that has to happen is being taken care of by a software even when you sleep.
We have put together a guide that will tell you what an inventory management software is, what makes it desirable, how your business could benefit from it, and of course a list of the best inventory management software out in the market.
What is The Best Inventory Management Software?
Best inventory management system for businesses that need to manage warehouse operations.
Currently owned by Oracle, Oracle Netsuite is the ideal choice for companies that have elaborate supply chains. Along with inventory management software, Netsuite also offers other software for financial management, production management, procurement, and more.
Netsuite’s inventory management software falls under the category of warehouse and fulfillment, under which it offers a wide range of software options to manage complete warehouse operations.
Even if you do not have a business that needs a warehouse but maintains inventory, Netsuite can still help your business irrespective of its size in maintaining optimal levels of inventory and high levels of customer service.
Whether you want to manage inventory in one location or multiple warehouses, Netsuite’s replenishment feature allows you to maintain optimal levels of inventory all over.
You can set the preferred stocking levels, lead times, and reorder points and allow Netsuite to do the required calculations automatically.
The cycle counting feature allows you to track your actual inventory and keep an accurate count. It sends automatic prompts when inventory has to be counted and also allows you to categorize items based on volume/value.
Netsuite allows you to trace the entire lifecycle of any particular product and can give you precise information about the product at any particular stage of production.
With this software, not only can you track, manage, and reduce costs of managing your inventory, you also get a snapshot of all your warehouses across multiple locations. You can set hierarchies for different locations, group them into bins, manage bins as a whole, and more.
This tool acts as an all-in-one solution for inventory management by tracking current inventory, sending updates about inventory levels, telling you when it’s time to reorder, and helps you locate a particular product at any time.
Moreover, Netsuite is a cloud-based solution that helps keep all your inventory-related data secure and allows you to access it anywhere, anytime.
Based on the type of business, its requirements, and the number of licenses you require, Netsuite offers custom pricing to its customers.
Best inventory management software ideal for growing businesses.
Zoho Inventory is best for growing businesses especially e-commerce businesses, retailers, wholesalers, and businesses of all sizes. If you would like to set up an ecommerce platform or an online store, Zoho Inventory could be your first choice.
Not only can you keep a track of your inventory and manage it but also allows you to integrate with different services like Shopify, Razorpay, Slack, and others so that all of your important business activities can be managed from one place.
Using Zoho Inventory, you can manage your warehouse inventory smoothly, track item movements, transfer items within warehouses, locate goods within the warehouse, and streamline all your warehouse operations.
The barcode scanning feature makes it further easy to take stock of items faster, compare actual vs. recorded stock, create batches and serial numbers, and more.
You can just scan the product, its barcode or serial number and get all the information associated with it at any stage of its life cycle.
Not only does this reduce a lot of manual labor and saves time, but you can also accurately locate a particular item and its status anywhere in the assembly line or the warehouse.
Zoho Inventory allows you to track every single product in your inventory right from spare parts to major components. You can conduct quality checks, look for items approaching their expiry dates, trace batch-related information using this software.
You can also ensure that all your orders are received as well as delivered on time. Using this software, you can also send updates about delivery status, track shipment, and collect payments online.
Apart from just managing your inventory and automating processes, Zoho Inventory can also help you generate insightful reports that can in turn help reduce costs, optimize your inventory, and free up space.
You can use the reporting feature to track fast-moving items, get a report on loss due to expired products, track pilferage, identify your most profitable or most costly items, notice purchase order trends, and more.
This tool is ideal for businesses that spend a lot of time and money on manual labor to manage their inventories. The software can help you streamline and automate your processes, cut down on inventory carrying costs, give it a professional makeover, and also help track every single item in your inventory.
Zoho Inventory offers different plans to suit its customers’ requirements. The charges are on a per-organization, per-year basis, billed monthly.
Based on the number of warehouses you want to manage, the number of users who would be using the system, integrations, orders you want to manage, and more, you can choose a plan that suits your organization the best.
Best inventory management and tracking software for small businesses.
QuickBooks is the best inventory management software for businesses that do not have a large inventory, hence, smaller inventory management needs.
Along with inventory management QuickBooks also offers accounting services as their main function, thus taking care of two of your important business functions.
It is quite cheaper than other alternatives and good for businesses on a budget.
There are two different versions of QuickBooks, i.e, QuickBooks Online which is the online application of QuickBooks, and QuickBooks Cloud, which as the name suggests is a cloud-based platform that can be accessed anywhere, anytime.
While QuickBooks offers basic inventory management features only, it is ideal for businesses with less than 500 sales a month.
QuickBooks allows you to track your inventory in real-time, adjusting quantities as your purchase or buy and also calculate reorder points for you. You can allow QuickBooks to reflect inventory values on your balance sheet directly, thereby factoring in the costs incurred.
This inventory control software also makes it easy to manage all your vendors automatically from one place. You can store all your vendor information in one place and categorize orders and their statuses according to the vendors. Go back to the list and reorder conveniently when needed.
QuickBooks offers reports on important inventory metrics like best-selling items, taxes, and more.
While you can conveniently deploy this inventory management software in small warehouses, it does not offer features like multi-location tracking, item status tracking, and other complex features.
While QuickBooks offers four different plans, inventory management is available only in the Plus and Advanced package and offers a 30-day free trial.
4. Stitch Labs
Best inventory management and inventory control system for brands that sell across multiple platforms.
Stitch Labs offers different solutions like inventory management and control, multi-channel selling, order management, purchasing, retail reporting, and more. Companies can use these services to streamline their day-to-day operations and save immensely on manual labor.
Stitch Labs allows you to centrally manage all your inventory using their multi-channel inventory management. You can track sales across each channel and allow the software to automatically update stock levels accordingly.
You can set reorder points and receive automatic replenishment alerts through email. Streamline your ordering process by storing vendor information, sending emails to them, and track receipts.
Stitch Labs allows you to transfer inventory between warehouses, bundle items that are sold as a single unit, track and distribute landed costs, and generate insightful inventory reports.
This system takes multi-channel inventory management a notch higher by allowing you to integrate with different e-commerce platforms, POS inventory software, shipping and fulfillment systems, and more.
On implementing the Stitch inventory control software you no longer have to incur losses due to discrepancies in stock counting, aging inventory, or dead stock.
Stitch inventory control helps you with stock taking, pre-order and backorder management, order splitting, and send alerts when the stock is low or idle.
The software takes care of your return processes as well and also allows you to re-route orders based on availability at different warehouses.
Stitch Labs is also known for its robust reporting as it not only provides inventory-related information but also allows you to identify which sales channels are performing the best.
This software is ideal for businesses that have multiple warehouses, run wholesaling businesses, or have a huge franchise.
Stitch Labs offers custom pricing based on your annual sales order volume, billed annually, and allows the option to scale rapidly.
Best inventory management system for e-commerce businesses with multiple warehouses.
SellerCloud is a cloud-based e-commerce platform that allows businesses to streamline their multi-channel sales by taking care of all inventory, orders, shipping, accounting, reporting, and more.
The inventory management software ensures that you know how much stock you have in every warehouse at any point in time. It sends low-stock alerts as soon as the stock reaches the reorder point.
If you have multiple channels, SellerCloud allows you to reserve stock for preferred channels and also allows you to transfer inventory between bins as well as warehouses.
You can manage your multi-channel listings from one place, list to multiple channels, set shipping preferences for each product, enable shadow listing, and more.
It allows you to track the movement of every single product in and out of your warehouses.
SellerCloud’s warehouse management system allows you to conduct inventory audits, process returns, and add them back to inventory, receive inventory, and stock them immediately.
You can manage all your vendors from one location, send automatic order requests, and also update inventory based on information that the vendors feed into the system.
With the integrations that it offers, you can integrate with leading marketplaces, fulfillment websites, shopping carts, and other relevant sites and automate all the processes.
SellerCloud eliminates the need to manually file purchase order requests and the entire long process. You can manage all your orders through one interface, send order-related emails to customers, manage refunds and cancellations, and more.
If your business has many online SKUs and receives orders from different online sources, implementing this software can be a game-changer. The best part about SellerCloud is that it allows you to customize the platform based on the requirements of your business.
Irrespective of the size of your business, SellerCloud is a good choice as its pricing is based on your order volume. You can also choose from three different server options that SellerCloud provides so that your business has a dedicated secure server to run its operations.
Best inventory management software for companies that want to address overselling across multiple channels.
ChannelAdvisor is a cloud-based inventory management system that can help businesses that have many sales channels and have rapid sales through each. These businesses often lose customers due to delayed orders or often due to orders placed for out-of-stock items.
This inventory management software syncs all the channels with the inventory so that accurate real-time stocktaking takes place.
Every time an order is received, the corresponding amount of inventory gets blocked for fulfillment. The software then reports the amount of inventory remaining as the stock in hand. It also becomes very easy to track items as it is done from one central online catalog.
ChannelAdvisor allows you to filter information, look for specific products in specific warehouses, and control inventory information as per your requirements. You can also categorize inventory into bins, according to variants and more.
If you are a supplier for multiple retailers, ChannelAdvisor also allows you to manage stock levels for each retailer. You can manage purchase orders, shipments, order fulfillment, and integrations that you use to run other business processes.
Not only does ChannelAdvisor let you integrate your inventory with your sales channels, but it also offers integrations with online marketplaces, shipping carriers, 3PLs, and warehouses.
ChannelAdvisor also helps you with order management by offering one central interface to receive, create, tag, cancel, and manage orders. The returns and refund process also becomes very convenient with this tool.
While ChannelAdvisor offers several features, you can design a custom solution by following the steps on their website.
You can design one depending on the number of employees you have, the number of SKUs, monthly annual revenue, and the biggest challenge that you would like to address using the software.
You can request custom pricing based on the size of your organization and the number of SKUs you would like to manage.
Best warehouse management software for SMBs with the most intuitive and basic interface.
Fishbowl offers several manufacturing and inventory management tools for businesses that help them automate processes, cut costs, and save on manual labor.
Inventory management becomes extremely easy with Fishbowl as it tells you about how much inventory you have; when you need to reorder; track items based on their serial number, expiry date, lot numbers; and more.
You can eliminate manual stock-taking and replace it with barcode scanning offered by Fishbowl.
They also offer an app called Fishbowl Go, which lets you use your phone as a barcode scanner. This way you can conveniently count stock, create sales orders, receive and send items, and more.
If you detect a shortage in one of your warehouses, Fishbowl allows you to transfer inventory between warehouses and also updates the respective inventories.
The order management feature allows you to set reorder points, track shipments, send updates, and know exactly where an order has reached.
The integrations offered by Fishbowl are what set it apart from most other inventory management software. It allows you to integrate with major shipping companies like FedEx, USPS, UPS WorldShip, and others.
Using the Fishbowl ShipExpress plugin, you can also compare deals offered by different carriers and ensure that you get the best deal.
You can also integrate with other services like Amazon, Salesforce, Shopify, Zoho CRM, and others and manage your core activities centrally.
QuickBooks users can seamlessly integrate Fishbowl and sync their accounts and inventory records. This ensures that all your entries are accurate, there are no missing or double entries and every transaction to or from your warehouse gets accounted for.
Fishbowl’s pricing is based on the number of users you have and the support plan that you choose.
You will need to purchase the software for $4,395 after which you permanently own the software.
However, if you want to continue receiving software updates and support, you will be required to renew your plan every year. Even if you don’t, you can continue using the software without the support and updates.
Best inventory management software for retail businesses.
The integrations offered by nChannel are what set it apart from other inventory management software. You can integrate it with eCommerce solutions, online marketplaces, ERP solutions, accounting, and POS.
Retail businesses can use this inventory management solution to link their sales channels, inventory, POS systems, and manage all core operations from one interface.
Real-time inventory synchronization ensures that you never run out of stock or receive orders for items that are out-of-stock. You can sync your inventory across different locations, physical stores, warehouses, suppliers, and others.
This way your entire supply chain is in the loop, you can automate reorder emails to vendors, access complete inventory location from one interface, and you can also maintain up-to-date stock count as orders come in and the stock goes out.
Using the multichannel order management feature, you can manage orders from different sources in one place, integrate with shipping companies and other fulfillment services.
nChannel allows customers as well as operators to track orders by integrating with tracking services. It also allows you to automate your returns process so that it is hassle-free for both, you as well as the customer.
nChannel also offers a vendor managed inventory solution using which you can integrate all your suppliers with your inventory. This way, your vendors can help you maintain optimum inventory levels and eliminate the need for you to be on the watch.
nChannel offers custom pricing only.
When you request pricing information, nChannel will ask you to fill up a short questionnaire to know about the size of your business, the solutions you require, and the revenue you generate. Accordingly, a custom quote will be sent to your email address.
Best inventory management software for scaling manufacturing businesses.
Katana offers multiple features like production planning, real-time inventory control, and optimization, order fulfillment, shop floor control, purchasing, and more that can help manufacturers scale their operations rapidly.
The inventory control tool not only allows you to keep track of your inventory of finished goods, but you can also track your raw materials using Katana.
The traceability feature allows you to track your products using batch numbers. Furthermore, you can also track items according to expiry dates, get updates about products approaching expiry, and control expiring or aging stock.
Manufacturers can use the inventory management software to manage the production of multiple products, get updates about what to order, when to order, and how much of each item to be ordered.
It also allows you to keep a track of multiple inventories across different warehouses from one central interface.
All these warehouse management features can be complemented with other services like purchasing, shop floor control to ensure that all processes take place smoothly.
Using Katana, you can keep track of all your shipments, suppliers, purchase orders, item availability, manufacturing times, and more.
It also offers integrations with different online services which can help you sync accounting, online marketplaces, shipping companies, and more so that your entire process stays up-to-date and accurate.
Katana is a cloud-based ERP system and does not require you to install any software to be able to use the tool. You can simply log in to Katana using any system with an internet connection.
It is also straightforward to get started on Katana and its interface is also pretty simple and intuitive.
Katana offers its users two different plans to choose from. One of them is charged monthly, while the other is billed annually. It also offers a 14-day trial.
For manufacturing businesses that are scaling rapidly, Katana can be a great option as it allows you to scale easily by simply paying an extra fee for each added user or operator.
Best feature-rich, customizable inventory management system with order management software.
Services offered by 4Psite include order management, EDI, and warehouse management. You can manage your inventory, purchase orders, shipping, invoices, and all other important functions from one platform.
Not only can you track your inventory in multiple warehouses by categorizing them into different bins, but 4Psite also offers support for 3PLs.
The warehouse management and picking system allows you to create picking batches, reassign pickers, provide live picking updates, and more.
While using 4Psite, you first begin with their built-in shipping and CRM module and keep adding modules like drop shipping, inventory, and other integrations as and when you need them.
4Psite’s inventory management allows you to have a real-time count of your inventory, send inventory updates to all your channels, and prevent customers from placing orders for out-of-stock items.
4Psite allows you to calculate the actual inventory that you have in store after accounting for items reserved for fulfilling orders, units that are expected to arrive, and expired items.
You can feed in your inventory levels across different channels like Amazon, eBay, and others.
The tool also offers a returns management feature that processes returns and refunds, puts the item back in inventory, and updates necessary systems accordingly.
Some other features that 4Psite offers include reorder management, supplier management, transfer management, shipping management, creating bundles and kits of multiple items, cost tracking, and barcoding.
You can also integrate with QuickBooks and other services to centralize all your operations.
4Psite also offers a reporting feature that gives you insights about your inventory and different sales channels. This can help you identify fast-selling items, inventory trends, losses due to expired or aging stock, and other important metrics.
Setting up 4Psite may be longer than a few other systems but once done, you can manage all your inventory and orders from one interface. The interface is quite easy to use and can be accessed anywhere.
4Psite offers custom pricing which you can get after requesting a demo.
Best inventory management software for wholesale businesses.
Now known as QuickBooks Commerce, TradeGecko offers inventory control, order management, purchasing, warehouse management, reporting, and manufacturing.
The inventory control software allows you to get updates about your stock across multiple warehouses, get updates in multiple currencies, set reorder levels, and receive reorder prompts.
You can get detailed information about all the products in your inventory, individual details about each product and its variants, and product history. Using barcode scanners you can track the location or status of any product irrespective of its location in the supply chain.
The inventory control software enables you to account for new products, returns, expired or damaged goods, shrinkages, promotions, and update inventory levels accordingly.
Each time an order is fulfilled, returned, transferred, or adjusted, Tradegecko automatically updates the records in the inventory of the corresponding warehouse and ensures that the tracking is up-to-date.
In addition to the inventory management software, you can also use the warehouse management feature to manage shipping, packing, picking, and receiving orders from one place.
Not only can you check the stock levels and get reports about a particular warehouse, but you can also set reorder levels for individual warehouses, direct purchase orders to specific warehouses, transfer stock between warehouses and fulfill specific orders from particular warehouses.
In other words, you can alter your preferences and use the software to fulfill orders as you please.
Tradegecko goes a step further to implement a security feature that restricts unauthorized personnel like warehouse workers to access important information like names of vendors, reports, and more.
Tradegecko offers a 14-day trial and four different pricing plans for businesses with different order volumes. You can consult with the customer support team to identify which pricing plan suits your business the best.
12. Dear Systems
Best online inventory management software for small to mid-sized retailers.
Along with inventory management, Dear Systems offers several other features like purchasing, B2B solutions, point of sale, manufacturing, and more. Dear System is a cloud-based platform that allows you to track your inventory in real-time.
Stocktaking becomes easy with Dear Systems as it allows you to sync your inventory with multiple sales channels. This way every sale and new product added to your inventory gets updated automatically to your inventory.
You can maintain up-to-date inventory information by utilizing different inventory control features like inventory write-off, inventory transfers, and more.
Dear System also allows you to manage your inventory across multiple warehouses from one central interface. You can also utilize the drop shipping feature and send orders directly to the manufacturer and fulfill orders in very short durations.
Since you can sync your inventory with multiple sales channels, Dear System also allows you to set different pricing tiers for different customers.
Dear System also allows you to streamline your fulfillment process using their warehouse management software. This feature is especially beneficial for businesses that have inventory that is large enough to be stored in warehouses.
You can track the amount of inventory stored in your warehouses at any point in time. The barcode scanning feature allows you to locate exactly where your items are in the warehouse.
You can also segregate your inventory into bins, develop a put-away process for received orders, cross-check inventory to identify discrepancies, and more.
Dear System’s warehouse management software also makes your packing and shipping process hassle-free through its order validation features and on-demand shipping label printing.
By allowing you to integrate with services like QuickBooks, Zapier, Shopify, HubSpot, and others, Dear System allows you to manage all your important processes from one location.
Industries that can benefit from this software include food manufacturing, retail, manufacturing, e-commerce, lighting, brewing, distribution, and others.
If you subscribe to Dear System’s annual package, you can get an extra month of services free of cost. The price that you get depends on the number of users, server types, desired features, and the number of third party integrations.
Best inventory management, warehouse management, and shipping software for online retail businesses.
The three main services that Veeqo offers are inventory management, shipping management, and warehouse management. Veeqo can help retailers of all sizes streamline their inventory management and shipping processes.
The inventory control feature keeps you informed about all the stock that you have across your warehouses, sends you alerts when you need to reorder, sends emails to suppliers, and offers a barcode scanning system that simplifies your stocktaking process.
You can also access complete lifecycle information about any product in your inventory. The system can also help you locate an item and tell you where it is in its lifecycle.
Veeqo also allows you to automate your inventory ordering process by allowing you to set custom order rules and sync inventory with sales channels.
The inventory forecasting feature analyzes historical data and automatically places orders accordingly.
You can also reroute orders automatically to be fulfilled from different warehouses.
Veeqo gives you a clear snapshot of all the products that your inventory holds. You can create categories, variants, bundles, or kits and add information about each from a single interface.
By using Veeqo’s warehouse management software, retailers can also streamline their receiving, picking, packing, and returns.
The inventory management software and warehouse management software work simultaneously to prevent stock-out situations, late orders, overselling, and more.
By using correct shipping labels, barcode scanners, and the cheapest shipping options, Veeqo ensures that all your orders get delivered on time.
Unlike some other inventory and warehouse management software, Veeqo is very simple to set up and operate. All you have to do is create your account, integrate all sales channels and shipping partners and you are good to go.
Veeqo offers a 14-day free trial and four different pricing plans where the cost varies depending upon the number of orders you would like to process using Veeqo.
Best cloud-based, all-in-one inventory management, and shipping software for SMEs.
If you have multiple sales channels, Ordoro’s all-in-one inventory and shipping management software can help you track and ship orders from each one of them.
Using the inventory management feature, you can sync your inventory with each of these sales channels. The software then automatically keeps updating the inventory as each order gets fulfilled from the inventory.
You can manage multiple warehouses, drop shippers, FBA, and other services from one central interface.
Ordoro also lets you connect all your inventories across multiple sales channels, online marketplaces, suppliers, and others so that you do not have to make a manual entry ever again.
You can set a low inventory threshold, i.e., a reorder point, and Ordoro will do all the calculations for you and send emails to suppliers whenever an item needs to be reordered.
It keeps a track of all your incoming inventory from suppliers, inventory reserved for the fulfillment, and actual inventory remaining.
Ordoro offers a kitting option that allows you to bundle products that are sold as one unit and also keeps a track of each SKU involved. You can also take it a notch higher by using the advanced kitting feature.
Using this feature, you can create bigger kits, consisting of smaller kits and you can also spread out the fulfillment across different warehouses and let Ordoro track the SKUs individually.
Ordoro helps you streamline and expedite your workflows by storing supplier information, send automated emails for restocking, and also keep track of the receipts and payments.
Ordoro’s inventory control software also allows you to create, scan, and search for UPCs associated with different SKUs, making stocktaking and item tracking extremely convenient.
You can also utilize the robust analytics that Ordoro offers to get inventory insights. You can use the data that Ordoro offers to gain inventory insights, identify slow-moving items, losses due to expired inventory, unnecessary inventory carrying costs, and others.
Along with inventory control, kitting, shipping, barcode scanning, and automation Ordoro also offers dropshipping, purchasing, shipping insurance, and other services.
Ordoro offers three different plans for businesses of different sizes.
The Express package is best for businesses with small storages and low sales volume while the Pro package would suit bigger businesses with higher sales volumes.
Custom pricing is available under the Enterprise package and is ideal for businesses with large warehouses and multiple sales channels.
Best multi-channel inventory management software for startups.
The many features that Orderhive offers include inventory control, shipping management, purchase, and returns management. Orderhive also helps businesses with multiple channels manage their orders, warehouses, manage invoices easily, and automate their processes.
Orderhive allows you to keep a track of every item in your inventory across multiple locations and alerts you in cases of low stock or out of stock items. You can set reorder levels for each product so that you are alerted beforehand.
You can also automate your reordering process by using the automated purchase order feature and you can also assign suppliers to particular products. You can further categorize them into different bins based on customizable criteria.
The barcode scanning feature allows you to generate as well as scan barcodes to track the movement of inventory, simplify and increase the accuracy of stock-taking.
You can manage your entire product catalog, track inventory, fulfill orders, manage 3PLs and FBA, and do much more from one centralized interface.
Orderhive offers multi-location inventory tracking and also lets you sync your inventory with all your sales channels. This way your inventory stays up-to-date as orders get fulfilled across different channels and overselling is prevented.
You can also generate inventory reports on different metrics like backordered inventory reports, purchase history, inventory valuation reports, inventory audits, and more. This can help you identify the areas of improvement and get deep insights into your operations and costs.
Orderhive offers a free plan for Shopify users and four other pricing plans. You can get a 10% discount if you choose an annual subscription instead of a monthly one.
Large businesses can also request a custom quote by selecting the Enterprise option.
Best inventory control software for businesses with multiple sales channels.
Sellbrite, as the name suggests, makes it easy for businesses to sell across numerous online marketplaces. Businesses can use this cloud-based multi-channel inventory solution to manage inventory, ship orders, and list products on different channels.
Sellbrite offers a rapid inventory sync feature that syncs your inventory with sales channels and provides real-time information about stock levels. It gives you complete information about your inventory in hand, on hold, and in transition.
It allows FBA sellers to sync their inventory across different channels, offers automatic inventory adjustments between Sellbrite and Amazon, multiple warehouse management, 3PL support, and more.
Sellbrite offers integrations with several online marketplaces like Amazon, eBay, Etsy, Walmart; shopping carts like Shopify, BigCommerce, and WooCommerce; shipping and other services like USPS, Deliverr, Algopix, and others.
If you would like to add a 3PL apart from what Sellbrite offers, the API allows you to integrate other 3PLs and warehouses as well.
You can dedicate one warehouse to one sales channel or manage all your channels from a centralized inventory. Sellbrite offers you many options to customize its software according to your business’ needs.
Sellbrite is known for its simple, clean, easy-to-use interface which is also quite intuitive. All you have to do is, get your products on to Sellbrite, link everything together, and sync your inventory.
Sellbrite also makes it very easy to ship orders using their shipping labels and shipping carriers. Once a package is shipped, the respective sales channels get alerted and the customer can track the live location of their order.
Sellbrite categorizes its plans for Shopify customers and also for those looking for a multi-channel solution. Under each of these categories, it offers four pricing plans one of which is the free version with limited features.
If you would like to opt for the paid plans, Sellbrite offers a 30-day unlimited free access so you can test the tool before you sign up for it.
Best inventory management and order fulfillment software for growing businesses.
Shipmonk is a good option for businesses struggling with order fulfillment and have multiple sales channels, multiple warehouses, and handle their own shipping. Shipmonk is known to have helped businesses scale smoothly and for being on time with orders.
Shipmonk is a cloud-based order fulfillment solution that offers inventory management, warehouse management, shipping software, and other services.
The inventory control tool updates you about your inventory, helps you identify aging SKUs, sends you alerts when stocks reach the reorder levels defined by you, determines which item in your inventory moves quickly, and more.
Shipmonk lets you bring all your core operations to one central location by offering integrations with shopping carts, online marketplaces, retailers, tools, and other solution providers that play a role in your business.
The order management software can help you streamline the ordering and fulfillment process by automatically updating every sales channel, your inventory, shipping carriers, and allowing customers to track their orders.
Shipmonk’s shipping management feature offers you a wide range of shipping options and allows you to compare and calculate shipping rates in real-time. It offers discounted shipping rates which in turn allows you to charge less to your customers.
Shipmonk’s warehouses are located strategically allowing manufacturers to directly send their products from suppliers to Shipmonk’s warehouse, where they are stored, packed, and shipped.
You can also benefit from the warehouse management software if you have multiple warehouses, help in order fulfillment from each warehouse, or assign particular warehouses to a particular sales channel.
Shipmonk’s interface is clean, simple, intuitive, and very easy to set up and use.
Shipmonk follows a slightly different method of pricing.
You will be required to choose a service, select the number of orders you would like Shipmonk to process, the storage space that you would need in Shipmonk’s warehouses before fulfillment, and choose add-on services that you would like.
You can also request a custom quote if your business needs are not being met from the default pricing options.
Best inventory management software for retailers with both online and offline sales channels.
This inventory management software could be a good option for businesses that have an online presence as well as sell through physical brick and mortar stores. Some features that it offers include inventory control, purchase management, order management, and warehouse management.
Inventory management becomes easy with Primaseller as it allows you to maintain an online digital catalog of all your products online as well as physical stores along with their variants. You can then manage all these products across locations centrally.
The SKU bundling feature allows you to combine your existing individual items and create advanced offerings at different price levels.
Primaseller also helps businesses manage their purchase orders by sending low stock alerts and reminding them about replenishments. From one central interface, you can create purchase orders, plan re-orders and automate them, and also track supplier statuses.
Using the inventory control software, you can streamline your orders, receive low-stock alerts, automate ordering processes, allocate orders to locations, manage return processes, manage stock across multiple locations and also transfer stock across locations.
You can also use Primaseller’s warehouse management software and take your warehouses a notch above your competitor’s. Using the warehouse management features, you can design a warehouse’s layout; pick, pack, and ship; and use all the inventory control features to manage all your warehouses.
Primaseller offers automated backorder management which allows you to automatically create purchase orders when a sales order is received, process bulk orders, create price tiers and update prices, generate invoices, and more.
You can integrate Primaseller with various shipping carriers, online marketplaces, web stores, and other services like Amazon, Etsy, Magento, Shopify, DHL, USPS, and others to bring all your operations into one application.
This inventory management is ideal for wholesale and retail businesses, especially those with stores and warehouses in multiple locations.
Primaseller offers two pricing plans based on the number of orders you plan to process in a given year, the number of locations you want to monitor, the number of dropship locations, and more.
If you cross the allowed number of orders, you will be required to pay an additional fee on a per order basis.
For businesses that process orders worth USD 2M or more, the Enterprise option is ideal and starts at $1000 a month.
Best inventory management software for businesses working with a small budget.
Zenventory deploys mobile as well as hardware technologies to deliver its inventory management solution. The two main services that Zenventory offers are shipping management and inventory management.
Zenventory allows you to maintain optimum levels of inventory by allowing you to review inventory by warehouse and location. You can search for particular products using their serial numbers, variants, check for expiry, vendor information, and more.
Using this inventory management software is very easy. All you have to do is feed in the information about all your products into the system, create an online catalog, assign products to particular locations, and set reorder levels.
Zenventory uses mobile technology extensively in its inventory management solution. You can use it as a handheld scanner to scan barcodes and get inventory information, use it for put-away processes after receiving stock, relocate stock in inventory, and transfer it to another location.
Order management becomes easy with Zenventory as it allows you to connect all your sales channels with the inventory. You can manage all orders received, modified, canceled, and shipped from one central location.
Zenventory also sends updates through emails and messages whenever there’s a change in the status of an order. It offers a unique feature called Quick inventory using which you can also issue stock to personnel for internal use and update your inventory accordingly.
You can integrate Zenventory with shipping carriers and avail the best shipping prices for domestic as well as international shipping. It works with almost all shipping engines that offer their services in the market.
Whether it’s shipping services or online marketplaces, web stores, and other services, you can bring all your services, suppliers, clients to one central location and manage them centrally.
Zenventory is one of the very few inventory management software that offers customization. You can customize menu items, buttons, processes, purchase orders, alert messages, and other information to suit your business functions.
The inventory management software also offers exportable inventory data and a wide range of inventory management reports that can help you get inventory insights on a whole new level.
Zenventory offers three different plans which depend on the total number of SKUs that you have, the number of warehouses you would like to manage, and also the features you would like to deploy. The Pro plan offers a lot of integrations and many more features than the other two.
You can also request a custom quote if you wish to select the services yourself or have special business needs.
What is Inventory Management?
Now that we have listed the best inventory management tools available in the market, let us help you understand what inventory management is, and what to look for in the best inventory management software.
The process of inventory management is not simply restricted to holding inventory and maintaining optimum levels of stock.
After human resources, inventory is the most valuable asset that any business can possess. It’s only when your inventory is managed properly can you fulfill orders on time, manage costs, stay in business, and retain customers.
Inventory management encompasses sourcing inventory from your suppliers, storing them in warehouses in optimum condition and quality, and fulfilling orders as and when they are received, all the while ensuring that your costs are under control.
Your inventory may comprise raw materials, finished goods, services like hotel rooms, and airplane seats. As long as you have inventory, there is scope for inventory management.
Inventory management is crucial for businesses to ensure that they DO NOT over order, oversell or undersell, incur losses due to pilferage and theft, delay on order fulfillment, and others.
Previously, the process of inventory management was tedious and time-consuming. The stocktaking was manual and so were inventory audits. Inventory information was maintained in registers or google spreadsheets where there was a massive scope of human error.
Modern-day companies have moved from manual inventory management to inventory management software. This software not only helps with inventory control but also helps with order fulfillment, sales channels, shipping, and invoicing.
Whether you are a small-sized business, a rapidly scaling one, a large conglomerate, a franchise, every business that holds inventory can deploy inventory management software to automate processes, increase scalability and speed and improve its brand image.
What Should You Look For in an Inventory System?
While there are several great inventory management features, you must be able to choose the best. Here are the points you need to consider while evaluating your options.
1. Inventory control features
Since inventory management software is used to manage inventory, this feature is of prime importance while making a decision. Choose a software that offers centralized control across different warehouses and allows you to control multi-location inventory.
You must be able to take stock counts, conduct stock audits, set reorder limits for every inventory that you have, keep track of inventory individually as well as a whole, manage suppliers, and more.
Your inventory control software, as the name suggests, should allow you to control your inventory.
The best inventory management software will allow you to categorize your products by serial number, batch, variant, product category, lot, or expiry. You can also track stock that is aging or coming close to expiry.
Inventory control features also allow you to get an actual count of how much inventory you have in hand. The software you choose must not simply calculate the stock you have in your warehouse.
The ideal inventory control tool accounts for the stock in transit, the stock reserved for the fulfillment, expired or damaged stock, and then comes to the actual number in hand.
2. Inventory alerts
Once you set the reorder level, the best inventory management software will send you alerts as soon as the stock levels are low. This is when you must place an order.
Often, many inventory management systems even automatically send your vendor an email stating the reorder quantity.
Apart from low-stock alerts, the inventory management software you choose must send you other important alerts like when there is something wrong with your inventory.
The best tool will send alerts about aging inventory, expired inventory, missing items, delayed orders, vendor alerts, and more. Most systems send you an SMS or an email when there is a situation.
This feature ensures that you can divert a problem before it causes losses, manage your order quantities strategically, replenish stock before it goes out of stock, reduce stock wastage, and identify broken linkages in shipping.
3. Actionable inventory reports
While it is good to always have enough stock to fulfill orders, deliver on time, some patterns are not generally visible on the surface level.
For example, you may not be able to total the losses due to expired items every month and other inventory trends like fastest moving items, high-profit items, and more.
You need to choose an inventory management software that offers reporting tools so that you can get actionable insights about your inventory.
The tool you choose must also offer other reporting features like order status, driver location, item status, shipment location, and others for every individual order and consignment.
Using this feature you can ensure that you identify inventory trends before they affect your business adversely, reduce the chances of human error, improve productivity, accountability, and traceability.
4. Barcode scanning and tagging
You must be able to track every item, its location, and its status in the supply chain. This is possible only when your inventory management software offers barcode scanning and tagging features.
The inventory management tool that you choose should allow you to generate barcodes and also scan them using hand-held scanners. The best tool will even allow you to use your phone as a handheld scanner as Fishbowl Inventory does.
Some inventory management software also allows you to use RFID tags instead of barcode scanning but these may come at a higher price and may not be ideal for companies that have large amounts of inventory moving in and out of their warehouses daily.
5. Inventory forecasting
The best inventory management system can store all the information about products, their life cycles, reorder quantities, sold units, expired stock, and others. This information is then used as historical data to forecast inventory requirements.
This way you know how much to order, which item has higher chances of selling, reduce inventory holding costs, maximize inventory use, reduce stock-out situations, and more.
If you have multiple sales channels, look for an inventory management software that allows you to sync your inventory with all the sales channels. This way you can track your inventory in real-time by keeping track of fulfilled orders and inventory blocked for fulfillment.
The best inventory control tools also allow you to integrate with other services like order management companies, shipping companies, online marketplaces, shopping carts, and more. This helps bring all your supply chain operations to one central interface.
You can manage your core operations centrally instead of toggling between warehouses, inventories, and ten different apps and services.
By integrating with shipping carriers and order management services, you can sync everything together so that you can maintain optimum stock levels, fulfill orders on time, prevent overselling or underselling and also allow customers to track their orders in real-time.
7. Cloud-based software
If you choose a cloud-based inventory management software, you will be able to manage your inventory anywhere, anytime. You no longer have to wait to go to work the next day to check the status of an important consignment.
Having cloud-based software allows you to use any system connected to the internet to get the information you require at any time and also allows you to work remotely.
8. Ease of use
Like every other software or application, the inventory management software that you choose must be easy to use. We have listed the best inventory management software based on their ease of use amongst other factors.
While making this choice, including the operations specialists who will be operating the software, in the decision-making process.
While choosing the best inventory management software, also factor in the price with respect to your budget. Choose one that offers all the features that your business may need, offers the option to customize, and fits your budget.
Look for a tool that will allow you to scale easily later as you do not want to go through the entire setup or change software just because you want to add a couple of operators more to the system.
Most systems will allow you to scale on a per-user or per-operator basis.
Types of Inventory Systems
Now, let us look at the types of inventory systems so that we can help you better decide which one could be implemented in your operations.
There are two main categories of inventory management systems, i.e. perpetual inventory systems and periodic inventory systems.
Periodic inventory systems are done manually while perpetual inventory systems involve inventory management software.
1. Perpetual inventory system
Done using software, these inventory management software conduct the inventory control processes continuously. Perpetual inventory systems are ideal for companies that have multiple sales channels and integrate their inventory with the sales channels.
Such inventory management systems continuously keep track of the inventory in hand, orders received, orders fulfilled, stock utilized, incoming stock, and final stock in hand. It keeps a real-time record of the inventory.
Perpetual inventory management systems are beneficial for businesses that have high order volumes each day and have a lot of inventory moving in and out of their warehouses. With real-time tracking, stock out situations can be avoided.
When inventory is tracked continuously as in perpetual inventory systems, situations of customers placing orders for out-of-stock items can be avoided.
While using perpetual inventory systems, physical stock counting may take place less often as the orders keep moving rapidly.
The stock count gets updated as inventory comes in or orders get fulfilled. This might sometimes lead to a mismatch in the actual quantity and recorded quantity due to a list of reasons.
However, the cost of implementing perpetual inventory systems may be high. It may also involve a network of systems, specialized equipment, and software, multiple operators, or may entail complex operations.
2. Periodic inventory system
The periodic inventory system, as the name suggests, tracks inventory periodically. Instead of sending real-time updates like perpetual inventory systems, periodic inventory management systems track inventory at the end of a given period.
The leftover inventory from the end of the period gets transferred to the opening inventory of the next period.
This type of inventory management is done manually and is quite labor-intensive, as well as prone to pilferage and errors. Stocktaking is manual and sometimes done using handheld scanners.
The other drawback of these manual periodic inventory systems is that it might sometimes require all other operations to be paused so that no inventory moves out or comes in.
Now, within these two broad categories, two other inventory management systems that support them are handheld barcode inventory systems and RFID inventory systems.
Rather than being types of inventory systems, these are the technologies that support perpetual and periodic inventory systems.
3. Barcode inventory systems
Barcode inventory systems allow you to manage your inventory using barcodes and QR codes. You can generate barcodes for every single product that you hold in your inventory and track them across the supply chain using simple handheld scanners.
Stocktaking becomes extremely easy, accurate, and fast with this system as you do not have to manually make data entries or physically count stock. All you have to do is flash the scanner at the barcode and the stock counting gets done.
Barcode inventory systems are ideal for companies that have large amounts of inventory spread across multiple locations. You have access to information about every SKU in one central database.
4. RFID inventory systems
Short for Radio Frequency Identification inventory systems, these systems use RFID technology for their inventory control. Just like barcodes, you can access the information stored on the RFID tags using RFID scanners.
However, instead of handheld scanners that directly scan the barcodes, RFID technology for inventory control deploys passive RFID tags which once attached to the surface of the items you want to track, give you complete information associated with it.
Passive RFID tags do not require batteries to power them and are most commonly used for inventory tracking. They are powered by waves from the RFID tag readers.
New information can be written onto the RFID tags thereby updating the tags about the latest position in the supply chain.
RFID inventory systems are more expensive than barcode scanning. Active RFID tags are more expensive than the passive ones and are most commonly used in industries where inventory comprises high-value items like pets, vehicles, medical equipment, and others.
What are the Benefits of Using Inventory Management Software?
From reading so far, you must have understood by now that implementing inventory management software offers a plethora of benefits. Not only do they streamline supply chain operations, but speed up processes, reduce errors, help fulfill orders on time and so much more.
We have listed down all the benefits that inventory management software has to offer.
1. Better inventory control and management
Inventory management software takes inventory control and management beyond simply counting stock and conducting audits. With these tools, you can fulfill orders accurately on time, avoid human errors, keep track of inventory at all times and so much more.
All your inventory-related processes get simplified and condensed into one software. You no longer have to toggle between screens, run behind vendors, and lose sleep over goods in transit.
With inventory management software, you can manage and control every single move centrally with ease.
2. Reduced costs
With the reduction in human errors, delayed orders, pilferage, expired stock, you not only save a lot of money, but you also save by reducing labor costs.
Inventory management software automates all the repetitive processes, frees up your labor, and allows you to employ lesser people in warehouses and the other supply chain operations.
Each year, businesses suffer huge losses due to expired inventory and damaged goods. One of the best features that inventory management software offer is that they send you alerts about aging inventory and expired stock.
Once you receive information about aging inventory, you can start pushing those items or even reserve them for immediate sales and marketing initiatives.
3. Lesser chances of overselling
By allowing you to sync all your sales channels with inventory and offering integrations with online marketplaces, shopping carts, shipping carriers, you can track your inventory levels in real-time.
Inventory management software tells you exactly how much stock you have in hand, how many have been blocked for the fulfillment, when you need to replenish, and much more.
When a particular item goes out-of-stock in the inventory, it automatically updates the sales channels so that customers do not end up placing orders for out-of-stock items.
If it so happens that you run out of stock, but need to fulfill an order, the inventory management software will help you identify another warehouse where the product is in stock so that you can reroute the order and fulfill it from another location.
4. Avoidance of stock-out situations
While you do receive alerts about stock-outs, most inventory management software sends you alerts before the stock-out situation can arise.
You can set reorder levels for each item in your inventory, and as soon as the stock count reaches those levels, low-stock-alerts are sent by SMS or email. These alerts are indications that you need to reorder now or else you will soon reach a stock-out situation.
The best inventory management software in the market also allow you to feed and store your vendor information in the system. Thus, whenever there is a low-stock-alert a reorder email is automatically sent to the vendor with a preset order quantity.
5. Increased visibility across the supply chain
Most inventory management software offers barcode scanning and RFID technology to scan and track your inventory. You can track the location of an item in your warehouse, its life cycle, product history, and current status in the supply chain.
So, if you were to track one particular SKU, you would be able to determine whether it is still in the warehouse, if it’s in transit, if it has reached a store or if it has already been sold.
Imagine doing the same task manually!
6. Timely fulfillment of orders
When all your items are in stock, what stops you from delivering orders on time? Inventory management software offer integrations with shipping carriers that offer the best-discounted rates and even offer tracking facilities.
Most inventory management software tools take care of picking, packing, and shipping orders.
Right from generating shipping labels, to storing them at a common warehouse before delivery, to providing support for 3PLs and FBA, you can choose an inventory management software that can do it all.
Once a customer places an order, they can easily track the status and location of their order from their mobile phones. Since overselling is avoided and all items are in stock, fulfilling orders on time becomes a piece of cake.
7. Better inventory forecasting
One of the features that inventory management software offer is inventory forecasting. They store all the historical data along with sales information in their database and use it to predict demand in the future.
While there may be slight ups and downs occasionally, inventory forecasting tells you how much of an item to offer by comparing it with trends in the same period in the previous year.
Inventory Management Software FAQ
The cost of inventory management software differs based on the service provider, the services and integrations offered, the individual business needs, and other factors. One of the determining factors is the number of orders that you would like to process using the software.
Right from $10 a month to $300 a month, you can choose a service that suits your budget. Most inventory management software offer different pricing plans for businesses of varying sizes. You can also request a custom quote if you have unique business needs.
Some inventory management also allows you to scale your operations easily without additional costs but simply requiring you to pay on a per additional operator basis.
Different businesses have different types and sizes of inventory. While some inventory may be small and manageable easily by manual labor, for larger businesses, a lot of time and money gets wasted to keep track of inventory.
Also, with large conglomerates competing against small retailers and wholesalers, it becomes very important to stay in the game by having streamlined processes, lowered inventory costs, and proper inventory control.
This is where inventory management comes in. Inventory management is much more than counting inventory and keeping stock. It helps you manage inventory across locations from a central interface, sync with sales channels, fulfill orders on time, maintain customer satisfaction and so much more.
Only through proper inventory management can you keep costs low, fulfill orders, and support all other business activities.
If your inventory comprises approximately 100 items or you are a small business with inventory small enough to be managed manually, Excel may be enough to manage your inventory.
However, if you identify as a large business, with a large inventory and are also spread across locations, Excel might not be able to handle your inventory well.
Excel’s features are limited when it comes to inventory management. You might just be able to manually enter some information like stock in hand, stock received, units sold and units received.
With Excel, you cannot sync your inventory and sales channels, set reorder levels, identify inventory trends, and much more.
One of the biggest mistakes when choosing an inventory management software is choosing one that does not let you scale. You must be able to add operators, users, locations, and integrations even after you have started operating your system fully.
Another mistake is choosing one that does offer robust reporting as one of its core features. It is only after you look at some inventory reports will you be able to determine what is going on in your inventory under the surface level.
Ready to Get Your eCommerce Inventory Management Operations Optimized?
Whether you are an online retailer, an eCommerce platform, a wholesaler, a supplier, or any other business with an inventory, inventory management is what you are looking for to up your game.
There are many good inventory management software in the market currently, but each of them differs significantly depending on their target customers.
Look for one that addresses your biggest inventory challenges, offers valuable features, and also fits your budget.
If you choose an inventory management software like Netsuite, not only does inventory management get taken care of but you can also benefit from their other features like product management, financial planning, and others.
On the other hand, if you have multiple sales channels and want to expand your services, Zoho inventory could be the best choice as it allows several integrations and inexpensive options that allow you to scale rapidly.
Small businesses with a small inventory and a small budget can turn to QuickBooks inventory management and also benefit from their accounting solutions.
Just like the ones we have mentioned, every inventory management software offers something unique or a particular kind of business.
Identify the one that suits your business the best and forget that you have an inventory to manage!